All Forum Posts by: Mazen Al Ashkar

 Thanks Bob. Can you please advise on how you setup your different loans in waveapps? I don't think they have the concept of Classes like QB. Appreciate your help. 

I'm still trying to understand the basics, things like:

1) How do you record JV's financial contribution?

2) How you record income and expenses per asset? The use of classes in QB helps i believe

3) How do you record investments to hedge funds? In this case, i have money coming in from JVs and i'm using that money to purchase notes.

Appreciate your help

Mazin

@Chris Seveney Hi Chris, 

What did you end up using? QB desktop? Curious to see if i can leverage your research. Also, do you have JV agreements in your business model? If yes, what would you recommend the best setup to be? So far, i've been doing everything manually in excel and it's kind of driving me crazy now, too much manual work, so appreciate your input.

Hello Dario,

Welcome to BP! I'm from MTL too. Would love to stay connected. I only invest in mortgage notes but would love to hear what you've been doin and exchange ideas.  Cheers 

Hello All,

Just to bring some closure on this note and keep you all posted, please see below: 

Summary of situation:

- Borrower not making payments

- Prior noteholder filed a complaint for ejectment

- We purchased the loan and property from prior noteholder

- Default judgment was awarded to prior noteholder and loan boarded to my portfolio as REO

- Homeowner was cooperating with me and changing moving out date for over a month

- Looks like he was buying time until Homeowner's lawyer filed a Motion to set aside the default judgement

Resolution as of today:

- I accepted to fight it in court

- His lawyer reached out to us on Monday

- I offered Cash for keys (500$) with a deadline to approve by today and moving out by EOD Friday (Aug 11th) or the deal is off the table

- Signed CFK agreement was sent today

- Realtor is going to meet Homeowner tomorrow at 4 pm for the keys

- I've instructed lawyer to list it for a quick sell asap (Property is in a great condition in Downtown Gadsden, AL)

It was a bit rocky but when you look at the 5000 ft. view. As long as you keep an honest intention to help the homeowners find a solution to stay in their house, you will always find a solution even if that involves them leaving it. 

In my case, i even offered the homeowner to stay in the house with no downpayment but only promise to pay monthly payments that he is comfortable with making. He clearly stated that he needs a change in his life and wants to move away from this area.

Hope this was helpful for those getting started in Notes and be able to see an exit strategy completed LIVE. 

Cheers,

Mazin

Hi Clyde, 

Can you please provide more details? Are you saying, you have a 1st position lien against the property that's performing and you are looking at selling your equity in the house? Which means there will be a second position lien on the property?  

Thanks,

Mazin

Hi @Louidji Joseph,

Feel free to reach out, will be more than happy to help where i can as well! 

Cheers,

Mazin

Hello Victor, 

Welcome to BP! Another investor from Montreal, i love it! 

I'm from Montreal too but my business is setup in NV. Feel free to stay connected! 

I only invest in 1st position mortgage notes, which is just another way of getting into real estate, it's just (in my personal opinion) a nicer way as you don't have to deal with tenants, etc...

In summary:

- Buy non-performing note

- Work out an exit strategy (loan modification, Deed in lieu, short sale, foreclosure, etc...)

- Do it again

It works very well for me, especially that i also travel alot since my day job is in the consultancy industry as well (Software implementations). 

Hope this helps.

Cheers,

Mazin

A quick update to all on this one. The homeowner notified me, he's not interested in staying in the house, unfortunately, had big problems with his fiance. I even offered this house to him with no down payment and he said the problem is the spouse and not the money, well, at least we tried. 

He's going to move out on Monday, and the good news, is that he was very cooperative and he even let one of my real estate guys go into the place to check it out and feedback was perfect, he even has granite countertops in the kitchen! 

Will keep you posted as i'm planning for two things at the moment:

- Seller finance it to someone who's interested with 10% down

- Reach out to wholesalers and get it sold for cash quickly! 

- Rent it (Which is really my least favorite option)

More to come...

 Hi Chris, 

Sorry for the late reply.

I only invest in 1sts and not really an expert in 2nds, i personally stay away from them. However, I know enough to tell you that you should definitely consider JVing with someone that's strong in the 2nds on your first couple of deals. 2nds are looked at generally as a "lower investment" but can definitely be very risky and might be wiped out by the 1st if you don't play right. I don't mean to scare you but i would definitely suggest that you reach out to someone and JV with them, it's easier for you.

As for your company setup, lawyer, accountant, etc...

If you're buying notes, i highly recommend you buy under a company, not sure it's a good idea to put your personal name if you got into any law suits. Usually, if there's a JV Partner with you, they can solve this problem for you and they will buy under their company.

You definitely need a servicer, my servicer is SN Servicing, they're pretty good.

Regarding lawyers, i wouldn't worry too much about it, usually servicers will have access to lawyers by state where you need it.

Depending on what your goals are and the speed of how you want things to get done, 

1) You can wait till you setup your company, setup your servicer, get your lawyers in place, etc...

2) Or do that in parrallel with a 2nds JV partner, there's a bunch of them out there that will be happy to help you get started.

Hope this helps. 

Cheers,

Mazin

Curious to hear your thoughts on what you would record in the county and you wouldn't. Keeping in mind states requirements. 

Specifically for a note in a CFD (Land contract), in Missouri, would you record:

- QCD

- Assignment

- Land contract? 

Cheers,